Sydney planning firm Money Solutions has entered a partnership with industry funds Retail Employees Superannuation Trust (REST) to provide financial advice to its 1.5 million members.
The partnership will effectively entitle REST members to a free consultation with a Money Solutions adviser on demand.
REST will cover Money Solutions’ fee for a member’s initial consultation, which will comprise either face-to-face, phone or e-mail advice integrated with some financial education.
Members can then opt to pursue advice beyond the initial consultation at their own expense.
The scaleable advice model was launched after three years of research and the completion of a pilot program earlier this year, Money Solutions chief executive Virginia Dowd said.
It gives members access to “high quality personal advice that many would normally be excluded from, without paying top dollar for a plan they don’t need, can’t understand, or are not ready for,” Dowd said.
“For too long, low account-balance members, young members, and members in remote locations have been neglected by the financial planning industry, as they are either seen as not profitable or difficult to reach.”
REST chief executive Neil Cochrane said the fund had negotiated an “exceptionally attractive and competitive service for members”.
“This service will enable members to get started in taking control of their financial affairs and empower them in their long-term planning,” he said.
Cochrane said fund research suggested that there was “significant demand for the service right across our age and account balance profile, particularly for the education component”.
“We also noted the prevalence of demand for advice on single issues, rather than the need for a full financial plan, which reinforced the need for a scaleable advice model.”
